{"id":43965,"date":"2012-07-20T13:30:00","date_gmt":"2012-07-20T06:30:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/co-op-bank-its-time-to-go-back-to-the-mutuals\/"},"modified":"2017-02-13T23:17:12","modified_gmt":"2017-02-13T16:17:12","slug":"co-op-bank-its-time-to-go-back-to-the-mutuals","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/co-op-bank-its-time-to-go-back-to-the-mutuals\/","title":{"rendered":"Co-op Bank: it's time to go back to the mutuals"},"content":{"rendered":"


\nDemutualisation was a disaster. Only two of the former societies \u2013 Woolwich and A&L \u2013 have not required a taxpayer handoutDemutualisation. It didn’t work, really, did it? Take the Cheltenham & Gloucester. For 145 years it ran, rather successfully, as a mutual building society. Then over 17 years, roughly coinciding with the credit boom and bust, it was gobbled up by Lloyds for \u00a31.8bn, which, after (rather unhappily) acquiring Halifax, merged it into a supersize mortgage lender. Now it’s returning to its mutual roots, albeit under the control of the Co-op Bank.Who benefited from the financial shenanigans? Let’s follow the money. First, the members of the society and the carpetbaggers who swept in ahead of the demutualisation picked up an average of \u00a32,200 a head. But the bosses did rather better. The chief executive of C&G saw his salary increase from \u00a3333,720 to \u00a3400,000 to “reflect his involvement with Lloyds”. In addition, he was awarded a “senior management” deal said to be worth a further 40%. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Co-op Bank: it’s time to go back to the mutuals<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Demutualisation was a disaster. Only two of the former societies \u2013 Woolwich and A&L \u2013...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-43965","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-br7","jetpack-related-posts":[{"id":44269,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nationwide-should-swallow-co-op-bank-letters\/","url_meta":{"origin":43965,"position":0},"title":"Nationwide should swallow Co-op Bank | Letters","date":"February 16, 2017","format":false,"excerpt":"\r Patrick Collinson\u2019s account of the coming demise of the Co-operative Bank (\u2018Ethical\u2019 bank is history, 14 February) names Nationwide as the only remaining true \u201cchallenger\u201d bank but not as a possible purchaser of the Co-op Bank. Why not? When, 50 years ago in my student days, I opened a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73305,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nationwide-builders-society-mutual-to-build-200-fair-price-homes\/","url_meta":{"origin":43965,"position":1},"title":"Nationwide builders' society: mutual to build 200 'fair price' homes","date":"November 30, 2017","format":false,"excerpt":"\r Building society dips toe into property development with \u00a350m sale-and-rent scheme in Swindon, where its HQ is basedNationwide Building Society is to directly build about 200 \u201cfair price\u201d homes for sale and rent for the first time with a scheme in Swindon.But the mutual said it was only tiptoeing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6376,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bt-openreach-should-become-a-mutual-letter-from-claire-mccarthy-co-operative-party\/","url_meta":{"origin":43965,"position":2},"title":"BT Openreach should become a mutual | Letter from Claire McCarthy, Co-operative party","date":"March 1, 2016","format":false,"excerpt":"\r Ofcom\u2019s decision to allow Openreach to remain part of BT means that this vital part of our infrastructure will continue to be run in the interests of BT\u2019s shareholders rather than the people who use phone and broadband services (BT\u00a0told it could lose broadband\u00a0network, 26\u00a0February).Last month 121 MPs of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101223,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mcdonnell-wants-community-land-trusts-to-boost-housing\/","url_meta":{"origin":43965,"position":3},"title":"McDonnell wants community land trusts to boost housing","date":"November 14, 2018","format":false,"excerpt":"\r Form of mutual society would own property and develop low-cost homes\r \r Source : ft.com\r Read more...McDonnell wants community land trusts to boost housing","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105845,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nationwide-gets-back-to-its-roots-by-building-homes\/","url_meta":{"origin":43965,"position":4},"title":"Nationwide gets back to its roots by building homes","date":"April 6, 2019","format":false,"excerpt":"\r Building society takes on the developers with plans for not-for-profit homesA century ago the predecessor to today\u2019s Nationwide building society was instrumental in building Letchworth, the first of Britain\u2019s garden cities. Now the mutual society is going back to the future and is to start building homes again for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31760,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/our-society-has-lost-control-of-housing-heres-how-to-get-it-back\/","url_meta":{"origin":43965,"position":5},"title":"Our society has lost control of housing \u2013 here's how to get it back","date":"October 26, 2016","format":false,"excerpt":"\r The housing market works for neither renters nor homeowners, but community-led schemes and keeping land public could helpWhen community action is matched with local democratic powers we can halt big developers building second homes for wealthy visitors \u2013 as the resident-led St Ives neighbourhood plan has shown \u2013 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43965"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=43965"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43965\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}